Atos announced on Sunday that it had reached an agreement on the main terms of a financial restructuring plan with a group of banks and bondholders.
The agreement provides for a capital increase with preferential subscription rights (DPS) guaranteed up to 75 million euros by existing bondholders and up to 100 million euros by creditors participating in the new financing.
It must also concern a conversion into capital of Atos’ financial debts to the tune of 2.8 billion euros, bringing the total amount of converted debts to 2.9 billion.
Finally, a contribution of between 1.5 billion euros and 1.675 billion euros of new secured financing will be assumed equally between bank creditors and holders of bonds issued.
According to Atos, these operations should enable a reduction in net debt of approximately 3.1 billion euros and guarantee a minimum amount of liquidity of 1.1 billion euros until the end of 2026.
Assuming that all existing shareholders were to subscribe to the capital increases, they will hold approximately 25.9% of the capital following the financial restructuring.
The creditors would control 74.1% of the technology consulting company.
“All that remains now is to finalize the operation and, above all, to relaunch the company from an operational point of view,” Invest Securities analysts responded this morning.
According to Atos, the restructuring operations should be implemented during the second half of 2024 with a view to effective completion by the end of 2024 or during the first quarter of 2025.
On the Paris Stock Exchange, Atos shares rose by more than 1% on Monday morning following all these announcements.
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